Walmart (WMT) stock has risen 2.1% over the past week, 2.8% over the past month, and an impressive 32.4% over the last 12 months. Wall Street’s analysts are strongly bullish, with a consensus of StrongBuy and forecasting a move toward an average 12‑month price target of $138.81 from the last closing price of $130.33.
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Analyst Michael Lasser of UBS reiterated his Buy rating on WMT on 5/4/2026, lifting attention to a price target of $147, which implies meaningful upside from current levels. Lasser argues that despite the share price rally, the market still underestimates the long‑term earnings power coming from Walmart’s so‑called “2nd P&L.”
This “2nd P&L” refers to fast‑growing, higher‑margin businesses such as marketplace services and advertising, which are reshaping Walmart’s financial profile. Lasser believes investors have not fully appreciated either the scale of the contribution these segments can make or how long they can sustain their current growth trajectory.
Using Amazon as a benchmark, he notes that AMZN’s third‑party marketplace GMV is roughly seven times Walmart’s and its advertising revenue about eleven times larger, suggesting ample runway for WMT. His models project Walmart’s total enterprise‑wide EBIT to reach about $53.7 billion by 2030, up from $29.5 billion in 2025, with the 2nd P&L alone rising from $8.5 billion to $30.2 billion over that period.
Lasser also sees room for both reinvestment and margin expansion as these new profit streams mature. In his base case, Walmart’s operating margin could rise to roughly 6.5% by 2030 and potentially 8% by 2035, even while the company reinvests $8–$10 billion of profit annually back into growth. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.